The 2024 Data Law, effective from July 1, 2025, marks a milestone by officially recognising data as a property right under Vietnamese law. It regulates data collection, sharing, and commercial use to enhance cybersecurity, promote transparency, and foster a trusted marketplace. For the first time, anonymised and non-personal datasets, such as consumer behaviour, supply chain, and public data, can be legally traded with owner consent. Licensed State-owned enterprises or public service units will operate official data exchanges under strict regulatory oversight. These platforms are expected to reduce fragmentation, enable secure transactions, and support innovation. Businesses in artificial intelligence, digital services, and analytics welcome the law, citing reduced data acquisition costs and enhanced access to high-quality datasets. The hybrid development model will start with centralised public data and gradually expand to private participation. The law aligns with national digital transformation goals, notably Resolutions 57 and 68, by incentivising lawful, responsible data exploitation. It mandates encryption, compliance, and risk management while encouraging reuse and value creation. Experts believe the law will unlock economic potential, strengthen digital infrastructure, and position Việt Nam as a regional leader in data governance and innovation. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News